The owners of Nestoil and the Receiver Manager appointed for the company on Friday engaged in heated arguments at the headquarters of the company in Lagos.
This came as the company owners attempted to return to take over the headquarters on account of a November 20 court ruling reversing an earlier freezing order on Nestoil.
The Receiver Manager, however, insisted that the ruling does not affect the Receivership.
The controversy stems from a Mareva injunction issued on 22 October 2025 by Justice Dipeolu, which froze Nestoil’s assets, bank accounts, and shares across more than 20 Nigerian financial institutions.
The order was obtained by FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria Limited, over an alleged debt of $1.01 billion and N430 billion owed by Nestoil, its affiliate Neconde Energy Limited, and their promoters, Ernest and Nnenna Azudialu-Obiejesi.
However, in a statement released on Thursday, Nestoil owners said a Federal High Court in Lagos, presided over by Justice Daniel Osiagor, reversed the freezing order, hence an attempt to repossess the property.
Meanwhile, the Receiver Manager appointed on behalf has dismissed the court ruling as irrelevant to the Receivership.
In a letter to the Inspector General of Police signed by Abubakar Sulu-Gambari (SAN) and dated November 20, 2025, a copy of which was seen by Naijaonpoint, the Receiver Manager wrote:
“Kindly be advised that the Ruling of the Court setting aside the Ex-parte Orders DOES NOT affect the Receivership of the assets of NECONDE ENERGY LIMITED and NESTOIL LIMITED as stated above.
“The undersigned was appointed Receiver/Manager pursuant to the Deed of Appointment dated August 19, 2025 filed at the Corporate Affairs Commission (CAC), notification of which was made at pages 45-46 and 32-33 of the Punch and Guardian Newspapers of October 29, 2025.”
Following his October ruling, Justice Dipeolu also appointed Abubakar Sulu-Gambari, SAN, as receiver-manager, granting him authority to take possession of Nestoil’s head office at 41/42 Akin Adesola Street, Victoria Island, Lagos, and other identified properties.